This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020. Key Features: Offers a non-conventional understanding of economic analysis on a number of key economic topics Provides a deep and convincing criticism of orthodox thinking Explains how money, banking and finance are crucial elements of economics today Addresses the roots of the 2008 global financial crisis Points out the importance of sound economic policies Presents the essence of the subject matter concisely This comprehensive reference work will be a key tool to students, scholars, policy makers and anyone else seeking to understand the world economy through the important lens of post-Keynesian thought.

Table of Contents:
Contents: Introduction to the Elgar Encyclopedia of Post-Keynesian Economics xvii A Tract on Monetary Reform 1 Aldo Barba Accelerator effects 2 Fabio Freitas AD–AS model 3 Anil Aba Agent-based modelling 4 Corrado Di Guilmi Aggregate demand 6 Geoff Harcourt and Peter Kriesler Animal spirits 7 Sheila Dow Asset backed securities 8 Clara Capelli and Eugenio Caverzasi Asymmetric information 9 Lino Sau Austerity 11 Aldo Barba Balance of payments 12 Gilberto Libanio and João P. Romero Balance of payments constrained growth 13 Anthony Thirlwall Balance of trade 15 João P. Romero and Gilberto Libanio Balanced budget 17 Arne Heise Bank lending and creditworthiness 18 Fábio Terra Bank lending and expectations 19 Fábio Terra Banking and finance 20 Noemi Levy-Orlik and Jorge Bustamante-Torres Banking regulation 22 Peter Docherty Banking School 24 Eugenio Caverzasi Banks 25 Marcelo Milan Basel Agreements 27 Yannis Panagopoulos Behavioural economics 29 Mathieu Dufour Bretton Woods 30 Mario Cedrini Bubbles – credit 31 Lino Sau Bubbles – financial 33 Steve Keen Business cycles 34 Ekaterini Tsouma Business cycles and prey–predator models 35 Geoff Harcourt and Peter Kriesler Cambridge Circus 37 Maria Cristina Marcuzzo Cambridge equation 38 Luigi L. Pasinetti and Ariel L. Wirkierman Capacity utilization 40 Attilio Trezzini and Daria Pignalosa Capital controls 41 Luis Reyes Capital flows 43 Pablo Bortz Capital requirements 44 Ted P. Schmidt Capital theory controversies 45 Geoff Harcourt and Peter Kriesler Capitalism 47 Marco Veronese Passarella Capitalism – stages of 48 John E. King Capitalism – varieties of 49 Guillaume Vallet Carbon tax 51 Étienne Espagne and Antoine Godin Central bank independence 52 Sergio Rossi Central bank–treasury relations 54 Flavia Dantas Central banking 56 Peter Docherty Central banking – developing economies 58 Esteban Pérez Caldentey Chicago School 59 Luigi Ventimiglia Clearing balances 61 Edoardo Beretta Common currency area 62 Arslan Razmi Compensation thesis 64 Simona Bozhinovska Complex systems 65 Corrado Di Guilmi Consumer behaviour 67 Robert H. Scott Consumer choice 68 Anil Aba Consumption theory 69 Ted P. Schmidt Contagion effects 70 Luigi Ventimiglia Corn model 72 Marco Missaglia Corporate debt 73 Melanie G. Long Credit 74 Robert H. Scott Credit constraints 75 Nicolas Piluso and Louis-Philippe Rochon Credit default swaps 77 Daniele Tori Credit divisor 78 Jonathan Massonnet Credit easing 79 Olivia Bullio Mattos Credit money 81 David M. Fields Credit multiplier 82 Plamen Ivanov Credit-led boom 84 Fernando Toledo and Jorge Carrera Critical realism 85 Ariane Agunsoye Crowding-in and crowding-out 87 Najib Khan Cumulative causation 88 David M. Fields Currency board 90 Shirley Gedeon Currency hierarchy 91 Fernando Ferrari Filho Currency School 93 Robert W. Dimand Current accounts 94 Christos Pierros Debt deflation 96 Steve Keen Debt – external 98 Luis Reyes Debt – household 99 Aldo Barba Debt – non-financial corporate sector 100 Fernanda Ultremare Debt – public 101 Alain Parguez and Slim Thabet Debt-led boom 102 Fernando Toledo and Jorge Carrera Deindustrialization and economic growth 104 José Gabriel Palma Deindustrialization, ‘premature’ deindustrialization and the Dutch disease 106 José Gabriel Palma Demand-led growth 109 Marco Missaglia Dependency theory 111 David M. Fields Deregulation 112 Ivan Velasquez Development 114 Amitava Dutt Development banking 115 Konstantinos Loizos Dollar dominance 117 Adrien Faudot Dollarization 118 Wesley C. Marshall Double-entry bookkeeping 119 Matheus Grasselli Dual economy 120 Marco Missaglia Dutch disease 122 Adrien Faudot Ecological macroeconomics 123 Étienne Espagne, Antoine Godin and Romain Svartzman Ecological microeconomics 125 Richard P.F. Holt Econometrics – role of 127 Florent McIsaac Economic Dynamics 128 Heinrich Bortis Economic geography 130 Jordan Ayala Economic Growth and the Balance-of- Payments Constraint 132 Paulo Robilloti Economic integration 133 Mehdi Ben Guirat Effective demand 135 Claude Gnos Employer of last resort 136 Antoine Godin Endogenous money 138 Louis-Philippe Rochon Entrepreneurial State 139 Esteban Cruz Hidalgo, José Francisco Rangel Preciado and Francisco M. Parejo Moruno Essays in the Theory of Economic Growth 140 Heinrich Bortis Euro 142 Sergio Rossi European Monetary Union 144 Guillaume Vallet and Hamed Karamoko Eurozone imbalances 145 Luis Reyes Euthanasia of the rentier 146 Ana Laura Viveros Exchange rates 148 Aleksandr V. Gevorkyan Exchange rates – fixed vs flexible 149 Luigi Ventimiglia Exchange rates – managed 150 Aleksandr V. Gevorkyan Exogenous money 152 Yannis Panagopolous Expectations 153 Ekaterini Tsouma Fallacy of composition 154 Jonathan Massonnet Feminist economics 156 Melanie G. Long Finance – initial vs final 157 Andrea Carrera Finance and development 159 Wesley C. Marshall Finance in developing countries 160 Noemi Levy-Orlik Finance motive 161 Claude Gnos Financial crises 163 Mathieu Dufour Financial deepening 164 Diego Guevara Financial fragility 165 Steve Keen Financial innovations 166 Marcelo Milan Financial instability hypothesis 168 Mathieu Dufour Financial liberalization 169 Konstantinos Loizos Financial macroeconomics 171 Vincent Duwicquet Financial regulations 172 Domenica Tropeano Financial risk 174 Melanie G. Long Financial sectoral balances 175 Christos Pierros Financialization 176 Plamen Ivanov Fiscal consolidation 177 Shakuntala Das Fiscal deficits 179 Malcolm Sawyer Fiscal multiplier 180 Aldo Barba Fiscal policy 181 Arne Heise Foreign-exchange reserves 183 Aleksandr V. Gevorkyan Free trade 185 Mohamed Aslam Full employment 186 Paolo Paesani and Antonella Palumbo Functional finance 187 John E. King General Theory – interpretations of 189 Robert W. Dimand Gibson paradox 192 Enrico Sergio Levrero Globalization 194 Wesley C. Marshall Goodwin cycles 195 Robert A. Blecker Government deficits and inflation 197 Hassan Bougrine Government deficits and money creation 198 Hassan Bougrine Growth 199 Amitava Dutt Growth – unequal 201 Ricardo Araujo Growth – wage-led vs profit-led 202 David M. Fields Harrod’s dynamics 203 Esteban Pérez Caldentey Harrod’s foreign trade multiplier 204 Germán D. Feldman Harrod’s trade cycle 206 Cédric Rogé Harrodian instability 208 David M. Fields Heterodox economics 209 Paolo Ramazzotti Historical time 211 Charles M.A. Clark Horizontalism 212 Matteo Deleidi Hysteresis 213 Mark Setterfield Imperfect competition 215 Maria Cristina Marcuzzo Income distribution 216 Eckhard Hein Income multiplier 218 Jo Michell Induction and deduction 220 Edward Teather-Posadas Inequality 221 James K. Galbraith Inflation 223 Sergio Rossi Inflation – conflict theory of 224 Malcolm Sawyer Inflation – cost-push 225 Carlo Cristiano Inflation targeting 226 Ulaş Şener Innovation 228 Nicola De Liso Institutional economics – core ideas 230 Slim Thabet Institutional economics – origins 231 William E. McColloch Interest rate – long term 233 Salvatore Perri Interest rate, natural 234 Basil Oberholzer Interest rate and income distribution 235 Enrico Sergio Levrero Interest rate rules 237 Achilleas Mantes Interest rate targeting 239 Hassan Bougrine Interest rates and investment 240 Matteo Deleidi International clearing union 241 Hassan Bougrine International financial architecture 243 John T. Harvey International monetary system 245 Pablo Bortz Investment – theories of 246 William E. McColloch Investment theory – ecological 248 Basil Oberholzer Investment theory – Kaleckian 249 Malcolm Sawyer Investment theory – Keynesian 250 Robert H. Scott Involuntary unemployment – explanations of 251 Ítalo Pedrosa Involuntary unemployment – origins of 253 Esteban Cruz Hidalgo, Francisco M. Parejo Moruno and JoséFrancisco Rangel Preciado IS–LM model 254 Fernando Toledo and Demian T. Panigo Job guarantee 255 Esteban Cruz Hidalgo, Francisco M. Parejo Moruno and José Francisco Rangel Preciado Kaleckian economics 257 John E. King Keynes effect 258 Peter Docherty Keynes Plan 259 Sergio Rossi Keynesian cross diagram 261 Maurizio Solari Kuznets curve 263 Daniela Tavasci Land rents 264 Dirk Löhr and Oliver Richters Lender of last resort 265 Ted P. Schmidt Lexicographic preferences 266 Anil Aba Limits to substitution revisited: energy 267 Oliver Richters Liquidity preference 268 Suranjana Nabar-Bhaduri Mark-up pricing 270 Jordan Melmiès and Florian Botte Maturity and Stagnation in American Capitalism 271 Fernando Rugitsky Methodology 272 Sheila Dow Microfoundations 274 John E. King Military Keynesianism 275 John E. King Modern money theory 276 Shakuntala Das Monetary circuit 278 Edouard Cottin-Euziol and Louis-Philippe Rochon Monetary circuit French School 279 Alain Parguez Monetary circuit Italian School 280 Marco Veronese Passarella Monetary integration 282 Guillaume Vallet and Hamed Karamoko Monetary policy 283 Peter Docherty Monetary policy dominance 285 Fábio Terra Monetary policy transmission mechanism 286 Devrim Yilmaz Monetary theory of production 287 Alain Parguez and Slim Thabet Money and banking 288 Jo Michell Money as a means of payment 290 Sergio Rossi Money creation history of 292 Wesley C. Marshall Money creation nature of 293 Maurizio Solari Money illusion 295 Robert W. Dimand Money in Motion 296 Enrique Delamónica Monopoly Capital 298 Peter Kriesler Monopoly power 299 Ilhan Dögüs NAIRU 301 Corrado Di Guilmi Negative interest rate policy 302 Guillaume Vallet and Louis-Philippe Rochon Neoclassical economics 303 Hassan Bougrine Neo-liberalism 305 Anil Aba New Consensus in Macroeconomics 306 Alvaro Martín Moreno Rivas New fiscalism 308 Wesley C. Marshall New Keynesianism 309 Esteban Pérez Caldentey Non-ergodicity 310 Matheus Grasselli Okun’s law 312 Antonella Palumbo, Claudia Fontanari and Chiara Salvatori Oligopoly and Technical Progress 313 Joseph Halevi Open economy macro models 314 Robert A. Blecker Orthodox dissenters 316 Diego Guevara Overdraft economies 317 Severin Reissl Paradox – Kalecki’s 319 Peter Kriesler Paradox of costs 321 YK Kim Paradox of debt 321 YK Kim Paradox of liquidity 322 Lídia Brochier Paradox of thrift 324 Robert H. Scott Paradox of tranquillity 325 Eugenio Caverzas Pasinetti’s index 326 Sylvio Antonio Kappes Pasinetti’s paradox 327 Alex Pelham Phillips curve 328 Florent McIsaac and Luis Reyes Ponzi finance 330 Ted P. Schmidt Post-Keynesian economics – a big tent? 331 John E. King Post-Keynesian economics and Marxian economics 333 Jelle Versieren Post-Keynesian social policy 334 Enrique Delamónica Power 336 Camilo Andrés Guevara Pricing 338 Jordan Melmiès and Florian Botte Principle of increasing risk 339 Aleksandr V. Gevorkyan Production of Commodities by Means of Commodities 341 Enrico Sergio Levrero Profit 342 Laurent Cordonnier Property premium 343 Frank Decker Property theory of money 344 Frank Decker Public finance 346 Camilo Andrés Guevara Quantitative easing 347 Vijayaraghavan Ramanan Quantum macroeconomics 349 Sergio Rossi Rationality 350 Roderick O’Donnell Reflux mechanism 352 Vijayaraghavan Ramanan and Louis-Philippe Rochon Regional economic integration and free trade agreements 353 Mohamed Aslam Regulation School 355 Matthieu Montalban Remittances 357 Salewa Olawoye-Mann Rentier income 358 Hanna Szymborska Reserves – role of 359 Domenica Tropeano Satisficing 361 J. Barkley Rosser, Jr. Savings 362 Orsola Costantini Secular stagnation 363 William E. McColloch Securitization 365 Carryl Oberson Selected Essays on the Dynamics of Capitalist Economy 1933–1970 367 Malcolm Sawyer Settlement balances 368 Edoardo Beretta Settlement system 369 Edoardo Beretta Shadow banking – extent of 371 Rudy Bouguelli Shadow banking – origins 373 Alicia Girón Social classes 374 John E. King Socialization of investment 376 Roderick O’Donnell Sraffian economics 377 Attilio Trezzini Stabilizing an Unstable Economy 379 Aleksandr V. Gevorkyan Stagflation 380 Nathaniel Cline Stagnation policy 382 Eckhard Hein State – entrepreneurial 384 Slim Thabet State – role of 385 David M. Fields Stock–flow consistent models 386 Antoine Godin Structural economic dynamics 388 Luigi L. Pasinetti and Nadia Garbellini Structuralism 389 Amitava Dutt Structuralism and post-Keynesianism 390 Esteban Pérez Caldentey Structuralism – Latin American 392 Fernando Rugitsky Subprime financial crisis 393 Eugenio Caverzasi Supermultiplier 395 Ricardo Summa Sustainable development 396 Jerry Courvisanos Target-return pricing 398 Jordan Melmiès and Florian Botte TARGET2 system 399 Sergio Rossi Technological change 400 Nicola De Liso Terms of trade 401 Fernando Rugitsky The Accumulation of Capital 403 William E. McColloch The Great Transformation 404 Gareth Dale The Path of Economic Growth 406 Joseph Halevi The Scourge of Monetarism 407 Peter Docherty The Structure of Post-Keynesian Economics 409 Joseph Halevi and Peter Kriesler The Theory of the Leisure Class 410 Christos Pierros Thirlwall’s law 412 Esteban Pérez Caldentey Tobin tax 413 Gonzalo Combita Mora Too-big-to-fail financial institutions 414 Carryl Oberson Trade and development 416 Amitava Dutt and Najib Khan Trade cycles 417 Esteban Cruz Hidalgo, Francisco M. Parejo Moruno and José Francisco Rangel Preciado Transformational growth 418 Enrique Delamónica Transmission mechanism of monetary policy – income distribution 420 Sylvio Antonio Kappes Traverse, path dependency, and economic dynamics 421 Ettore Gallo Traverse, path dependency, and economic equilibrium 423 Peter Kriesler Twin deficits 424 Vincent Duwicquet Uncertainty 426 Amitava Dutt Uncertainty – ontological and epistemological accounts 427 Roderick O’Donnell Unemployment 428 Flavia Dantas Universal basic income 431 Marshall Steinbaum Veblen effect 433 Guglielmo Forges Davanzati Verdoorn’s law 434 Alvaro Martín Moreno Rivas Wages 436 Enrico Sergio Levrero Washington Consensus 437 Mario Cedrini Wealth distribution 439 Fernando Rugitsky Wealth effect 440 Vera Dianova Zero interest rate policy 441 Paolo Paesani Index 444